Exports of watches from Switzerland slipped in December from the previous month though the annual rate of decline continued to slow.
The Swiss Watch Industry Federation said December’s exports were worth eight hundred and sixteen million euros down by 7.2 percent from November.
That suggests the sector is still some way off a fully fledged recovery.
Switzerland’s watch industry accounts for around seven percent of the country’s exports
It has faced its most severe slump in demand in decades because of the recession.
There was good news from Asia. Exports to China rose over 43 percent and to Hong Kong, they were up 27 percent.
Demand in the United States fell nearly 16 percent.